Can Bitcoin Price Retrace Below $30K Again? Here's What To Expect
In the last two weeks, Bitcoin (BTC) has struggled to break past the $37,500 mark, and signs suggest a possible reversal. As the crypto market...
- Bitcoin has struggled to break past the $37,500 mark, indicating a possible reversal.
- Altcoins are gaining favor in the crypto market, suggesting a shift in momentum.
- The selling pressure from large whale holders and Bitcoin miners may impact Bitcoin's correction.
- Willy Woo believes Bitcoin's price is unlikely to dip below $30,000 based on his analysis of the Bitcoin Cost Basis Density map.
- Woo also highlights the growth of the Bitcoin network and anticipates widespread adoption leading to the approval of spot Bitcoin ETFs.
- The weekly RSI indicates that Bitcoin is currently overbought, suggesting a potential retracement towards the support zone around $31,000.
- Bitcoin's journey in the coming weeks will be closely watched by investors and enthusiasts.
The overall sentiment of the article is mixed. It highlights both optimistic and cautious viewpoints regarding Bitcoin's price and market trends.